CBB Bancorp, the holding company for CBB Bank (led by President Park Seung-ho), announced a net income of $5.1 million for the third quarter of this year, representing a 12% increase compared to the same period last year and a 4% rise from the previous quarter. Diluted earnings per share (EPS) came in at 48 cents, a 2-cent increase from 46 cents in the previous quarter.
According to the quarterly earnings report submitted by CBB Bancorp to the Securities and Exchange Commission (SEC) on the 23rd, the cumulative net income for the first three quarters of this year was recorded at $15.7 million, or $1.47 per share. Compared to the same period last year, which saw $13.4 million or $1.27 per share, net income increased by 17.2%.
Total assets for the third quarter stood at $1.92093 billion, marking a 2.1% decrease year-over-year and a 2.3% decline compared to the previous quarter.
The improvement in profitability was largely influenced by the expansion of the net interest margin (NIM). The third-quarter net interest margin reached 3.40%, up 18 basis points from 3.22% in the previous quarter, though it fell short of the 3.49% recorded in the third quarter of last year.
Loan growth was also notable. Total loans reached $1.59 billion at the end of September, increasing by $62 million (4.1%) from the previous quarter and by $138.4 million (9.6%) compared to the same period last year.
On the other hand, total deposits decreased to $1.62 billion, dropping by $45.1 million (2.7%) from the previous quarter and by $48 million (2.9%) year-over-year.
